Friday, May 27 , 2016, 2:48 pm | Fair 67º

Owner of Michael Jackson’s Former Neverland Ranch Considering Sale

The private-equity firm has not yet decided whether to list the late pop star’s 3,000-acre, $30 million estate in the Santa Ynez Valley

By Gina Potthoff, Noozhawk Staff Writer | @ginapotthoff |

A new owner could soon buy the Neverland Ranch and former home of late pop-music legend Michael Jackson if the Los Olivos estate is placed back on the market.

Santa Monica-based Colony Capital LLC is considering selling the 3,000-acre property at 5225 Figueroa Mountain Road, although the private-equity firm has made no official move to do so.

Colony Capital assumed control of the Santa Ynez Valley property in 2008 after buying a million-dollar note on it from Jackson, who was embroiled in post-trial financial woes.

The firm has not listed the property or offered a listing price, but the idea is being thought over, with no known time frame at this point, according to Colony Capital spokesman Owen Blicksilver.

The ranch has an assessed value of $30.4 million by Santa Barbara County.

Jackson called the property home from 1988 until 2005, famously designing the ranch to include a locomotive, amusement park rides and a zoo.

Blicksilver said the estate has essentially been refurbished since then.

The private-equity firm that owns Neverland Ranch near Los Olivos says the property, formerly owned by late pop star Michael Jackson, has been refurbished. (Channel Islands Helicopter photo)

“It was in some disrepair because no one had been on the property in some time,” he told Noozhawk.

News of a possible sale follows several other proposed uses for the property over the years, including turning Neverland Ranch into a state park or a Graceland-type attraction in memory of the pop icon, who died in June 2009.

Near the anniversary of Jackson’s death in 2011, Channel Islands Helicopter tours began offering aerial tours of the well-known ranch after being contacted by a fan club.

Today, demand for the service continues to grow, doubling since 2011, according to Josh Jones, chief pilot for the Oxnard-based company.

Noozhawk staff writer Gina Potthoff can be reached at .(JavaScript must be enabled to view this email address). Follow Noozhawk on Twitter: @noozhawk, @NoozhawkNews and @NoozhawkBiz. Connect with Noozhawk on Facebook.

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